[1/3] [Crypto/TradFi Merge Update] 2026-02-13 00:00 (Beijing Time) Important News 1. J5 Warning: Encrypted OTC and payment processors are being used for money laundering/tax evasion, with a staggering scale of related SARs. J5 (a joint tax agency of Australia, Canada, the Netherlands, the US, and the UK) stated that the daily trading volume on crypto OTC platforms averaged approximately $1.44 billion, significantly higher than its estimated spot trading volume of $74.5 million on exchanges; FinCEN received nearly $236 billion in Suspicious Activity Reports (SARs) related to these trading platforms. SARs related to crypto payment processors are projected to increase by over 1000% from 2020 to 2024, accumulating to approximately $5 billion. (Decrypt | Foresight News) 2. US Regulatory Signals: SEC Launches "Project Crypto"; Banking Association Urges OCC to Slow Down Crypto Institution Licensing Approvals SEC Chairman Paul S. Atkins stated that the SEC will work with the CFTC to advance Project Crypto, establish a token classification system, and consider exemptions for certain on-chain activities, while also supporting the federal regulatory framework of the Clarity Act. Meanwhile, the American Bankers Association (ABA) sent a letter to the OCC requesting a slowdown in the approval process for "national trust bank licenses" related to crypto/stablecoins until rules such as the GENIUS Act and bankruptcy/resolution frameworks are more clearly defined. (BlockBeats | The Block | PANews) 3. Binance confirms SAFU Fund has completed approximately $1 billion in BTC swaps: holding 15,000 BTC. Binance confirmed that it completed the conversion of approximately $1 billion of SAFU reserves into BTC within 30 days; on-chain data shows that the last purchase was 4,545 BTC, and the address currently holds approximately 15,000 BTC. (The Block | BlockBeats | Foresight News) 4. Hong Kong Monetary Authority: Advancing "Fintech 2030," the prudential regulatory framework for digital assets will take effect on 2026/1/1. In its 2025 review and 2026 priorities, HKMA proposed to promote "Fintech 2030," covering data and payments, generative AI (Sandbox++, industry models) and tokenization (DLT regulatory incubator); and clarified that the prudential regulatory framework for crypto assets will come into effect on January 1, 2026. (Foresight News | BlockBeats) 5. Strategy (MicroStrategy) CEO: Funding will gradually shift from common stock to preferred stock in order to continue increasing BTC holdings. CEO Phong Le stated that the company will reduce its reliance on issuing common stock and gradually shift to preferred stock financing to provide a more stable source of funding for future Bitcoin purchases and reduce dilution pressure. (PANews | BlockBeats) 6. Coinbase Under Pressure: CEO Cashes Out Approximately $550 Million in 9 Months, Multiple Institutions Downgrade Ratings. Disclosures show that Brian Armstrong sold over 1.5 million COIN shares between April 2025 and January 2026, cashing out approximately $550 million; meanwhile, investment banks/analysts downgraded COIN's rating to "sell/reduce holdings," citing reasons including a decline in expectations for better-than-expected earnings and concerns about the industry outlook. (The Block | PANews | CoinGape) 7. On-chain and ETF Funding: Multiple large BTC flows to trading/market-making institutions triggered selling pressure and speculation about subscriptions and redemptions. Monitoring shows that the whale address 3NVeXm deposited another 1,800 BTC into Binance (after selling 5,000 BTC the previous day); another "BlackRock-related address" deposited 1,134 BTC into Coinbase. A Bhutanese government-marked address transferred 100 BTC to QCP Capital. Meanwhile, the US spot BTC/ETH ETF experienced net outflows (different sources indicate a daily net outflow of approximately $250 million). (PANews | BlockBeats | BlockBeats | TechFlow) 8. Exchange/Mining Company Financial Reports and Transformation: Coincheck saw increased revenue but thin profit margins; Bitdeer returned to profitability and bet on AI/HPC; Cango attracted investment and shifted towards a computing power platform. Coincheck reported third-quarter revenue of $915 million (up 17% year-over-year) and net income of $2.6 million, with customer assets of approximately $6 billion (down 17% year-over-year). The company announced that its CEO will step down on March 31st and be succeeded by Pascal St-Jean on April 1st. Bitdeer reported Q4 2025 revenue of $224.8 million and net profit of $70.5 million, and expanded its computing power and 3.0GW of power assets to serve AI/HPC. Cango secured approximately $75.5 million in new equity funding and commitments to advance its AI distributed computing platform.